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Voice and Speech Recognition Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

Market Overview:

The global voice and speech recognition market reached a value of US$ 9.9 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 19.5% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor. 

Voice and speech recognition refers to an authentication technology which assists in receiving and interpreting the human voice and carrying out the spoken commands. This technology primarily works on the principle of translating commands into electrical signals, converting them into coding patterns and sending them back to the device in digital format for the final execution. While it was developed several decades earlier, this technology has recently been introduced in mobile devices and other consumer electronics owing to the advancements in processing capabilities and improvements in network connectivity. This trend, coupled with the rising use of artificial intelligence (AI) and virtual assistants, such as Apple Siri, Amazon Alexa, Google Assistant, etc. has proliferated the demand for this software in the electronics industry. 

Global Voice and Speech Recognition Market Drivers:

On account of changing lifestyles, rising internet penetration, and increasing consumers’ spending on media, entertainment and mobile communication, there has been a rise in the sales of electronic devices, such as tablets, laptops and smartphones, which have voice and speech recognition software pre-installed in them. Moreover, in order to retain their position in the market, various developers are upgrading speech and voice recognition software and introducing innovative products. For instance, Google has recently announced to launch Google Duplex which can conduct natural conversation with users and help them in booking their reservations. Apart from this, due to increasing road accidents, governments across the globe have implemented stringent road safety regulations for averting the utilization of mobiles while driving. As a result, users are now preferring to utilize voice commands for carrying out different tasks on their mobile devices while driving. Further, with the growing concern for safety and need for a strong verification process in mobile banking, a large number of banks are now adopting voice-based authentication solutions for accepting transactions which, in turn, is creating a positive outlook for the market.

IMARC Group’s latest report provides a deep insight into the global voice and speech recognition market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the global voice and speech recognition market in any manner.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global voice and speech recognition market report, along with forecasts for growth at the global and regional level from 2021-2026. Our report has categorized the market based on technology, deployment mode, delivery methods and end-use.

Breakup by Technology:

  • Voice Recognition 
  • Speech Recognition
     

Breakup by Deployment Mode:

  • On Cloud 
  • On-Premises/Embedded
     

Breakup by Delivery Methods:

  • Artificial Intelligence (AI) Based 
  • Non-Artificial Intelligence Based
     

Breakup by End-Use:

  • Automotive 
  • Enterprise 
  • Consumer 
  • Banking, Financial Services, and Insurance (BFSI) 
  • Government 
  • Retail 
  • Healthcare
  • Others
     

Breakup Region:

  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • Latin America
     

Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the key players being Nuance Communication, Microsoft, Google, Inc., IBM, Baidu, Inc., Facebook, Inc., Apple, Inc., Amazon, Inc., Advanced Voice Recognition Systems, M2SYSLLC, Sensory, BioTrust ID B.V., Voicebox Technologies, etc.

Report Coverage:

Report Features Details
Base Year of the Analysis 2020
Historical Period 2015-2020
Forecast Period 2021-2026
Units US$ Billion
Segment Coverage Technology, Deployment Mode, Delivery Methods, End-Use, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered Nuance Communication, Microsoft, Google, Inc., IBM, Baidu, Inc., Facebook, Inc., Apple, Inc., Amazon, Inc., Advanced Voice Recognition Systems, M2SYSLLC, Sensory, BioTrust ID B.V. and Voicebox Technologies
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2299
Five User License: US$ 3399
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

 

Key Questions Answered in This Report:

  • How has the global voice and speech recognition market performed so far and how will it perform in the coming years?
  • What are the key regional markets in the global voice and speech recognition industry?
  • What has been the impact of COVID-19 on the global voice and speech recognition market?
  • What is the breakup of the market based on the technology?
  • What is the breakup of the market based on the deployment mode?
  • What is the breakup of the market based on the delivery methods?
  • What is the breakup of the market based on the end-use?
  • What are the various stages in the value chain of the global voice and speech recognition industry?
  • What are the key driving factors and challenges in the global voice and speech recognition industry?
  • What is the structure of the global voice and speech recognition industry and who are the key players?
  • What is the degree of competition in the global voice and speech recognition industry?
  • What are the profit margins in the global voice and speech recognition industry?

1   Preface
2   Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3   Executive Summary
4   Introduction

    4.1    Overview
    4.2    Key Industry Trends
5   Global Voice and Speech Recognition Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Breakup by Technology
    5.5    Market Breakup by Deployment Mode
    5.6    Market Breakup by Delivery Methods 
    5.7    Market Breakup by End-Use 
    5.8    Market Breakup by Region
    5.9    Market Forecast
6   Market Breakup by Technology 
    6.1    Voice Recognition  
        6.1.1    Market Trends
        6.1.2    Market Forecast
    6.2    Speech Recognition 
        6.2.1    Market Trends
        6.2.2    Market Forecast
7   Market Breakup by Deployment Mode 
    7.1    On Cloud  
        7.1.1    Market Trends
        7.1.2    Market Forecast
    7.2    On-Premises/Embedded  
        7.2.1    Market Trends
        7.2.2    Market Forecast
8   Market Breakup by Delivery Methods 
    8.1    Artificial Intelligence (AI) Based  
        8.1.1    Market Trends
        8.1.2    Market Forecast
    8.2    Non-Artificial Intelligence Based 
        8.2.1    Market Trends
        8.2.2    Market Forecast
9   Market Breakup by End-Use 
    9.1    Automotive   
        9.1.1    Market Trends
        9.1.2    Market Forecast
    9.2    Enterprise  
        9.2.1    Market Trends
        9.2.2    Market Forecast
    9.3    Consumer   
        9.3.1    Market Trends
        9.3.2    Market Forecast
    9.4    Banking, Financial Services, and Insurance (BFSI)  
        9.4.1    Market Trends
        9.4.2    Market Forecast
    9.5    Government   
        9.5.1    Market Trends
        9.5.2    Market Forecast
    9.6    Retail   
        9.6.1    Market Trends
        9.6.2    Market Forecast
    9.7    Healthcare    
        9.7.1    Market Trends
        9.7.2    Market Forecast
    9.8    Others    
        9.8.1    Market Trends
        9.8.2    Market Forecast
10  Market Breakup by Region
    10.1    North America 
        10.1.1    Market Trends
        10.1.2    Market Forecast
    10.2    Europe 
        10.2.1    Market Trends
        10.2.2    Market Forecast
    10.3    Asia Pacific 
        10.3.1    Market Trends
        10.3.2    Market Forecast
    10.4    Middle East and Africa
        10.4.1    Market Trends
        10.4.2    Market Forecast
    10.5    Latin America
        10.5.1    Market Trends
        10.5.2    Market Forecast
11  SWOT Analysis
    11.1    Overview
    11.2    Strengths
    11.3    Weaknesses
    11.4    Opportunities
    11.5    Threats
12  Value Chain Analysis
13  Porters Five Forces Analysis

    13.1    Overview
    13.2    Bargaining Power of Buyers
    13.3    Bargaining Power of Suppliers
    13.4    Degree of Competition
    13.5    Threat of New Entrants
    13.6    Threat of Substitutes
14  Price Analysis
15  Competitive Landscape

    15.1    Market Structure
    15.2    Key Players
    15.3    Profiles of Key Players
        15.3.1    Nuance Communication  
        15.3.2    Microsoft 
        15.3.3    Google, Inc. 
        15.3.4    IBM 
        15.3.5    Baidu, Inc. 
        15.3.6    Facebook, Inc. 
        15.3.7    Apple, Inc. 
        15.3.8    Amazon, Inc. 
        15.3.9    Advanced Voice Recognition Systems 
        15.3.10      M2SYSLLC 
        15.3.11      Sensory 
        15.3.12      BioTrust ID B.V. 
        15.3.13      Voicebox Technologies 

List of Figures

Figure 1: Global: Voice and Speech Recognition Market: Major Drivers and Challenges
Figure 2: Global: Voice and Speech Recognition Market: Sales Value (in Billion US$), 2015-2020
Figure 3: Global: Voice and Speech Recognition Market: Breakup by Technology (in %), 2020
Figure 4: Global: Voice and Speech Recognition Market: Breakup by Deployment Mode (in %), 2020
Figure 5: Global: Voice and Speech Recognition Market: Breakup by Delivery Methods (in %), 2020
Figure 6: Global: Voice and Speech Recognition Market: Breakup by End-Use (in %), 2020
Figure 7: Global: Voice and Speech Recognition Market: Breakup by Region (in %), 2020
Figure 8: Global: Voice and Speech Recognition Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 9: Global: Voice and Speech Recognition Industry: SWOT Analysis
Figure 10: Global: Voice and Speech Recognition Industry: Value Chain Analysis
Figure 11: Global: Voice and Speech Recognition Industry: Porter’s Five Forces Analysis
Figure 12: Global: Voice and Speech Recognition (Voice Recognition) Market: Sales Value (in Million US$), 2015 & 2020
Figure 13: Global: Voice and Speech Recognition (Voice Recognition) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 14: Global: Voice and Speech Recognition (Speech Recognition) Market: Sales Value (in Million US$), 2015 & 2020
Figure 15: Global: Voice and Speech Recognition (Speech Recognition) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 16: Global: Voice and Speech Recognition (On Cloud) Market: Sales Value (in Million US$), 2015 & 2020
Figure 17: Global: Voice and Speech Recognition (On Cloud) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 18: Global: Voice and Speech Recognition (On-Premises/Embedded) Market: Sales Value (in Million US$), 2015 & 2020
Figure 19: Global: Voice and Speech Recognition (On-Premises/Embedded) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 20: Global: Voice and Speech Recognition (Artificial Intelligence Based) Market: Sales Value (in Million US$), 2015 & 2020
Figure 21: Global: Voice and Speech Recognition (Artificial Intelligence Based) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 22: Global: Voice and Speech Recognition (Non-Artificial Intelligence Based) Market: Sales Value (in Million US$), 2015 & 2020
Figure 23: Global: Voice and Speech Recognition (Non-Artificial Intelligence Based) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 24: Global: Voice and Speech Recognition (Automotive) Market: Sales Value (in Million US$), 2015 & 2020
Figure 25: Global: Voice and Speech Recognition (Automotive) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 26: Global: Voice and Speech Recognition (Enterprise) Market: Sales Value (in Million US$), 2015 & 2020
Figure 27: Global: Voice and Speech Recognition (Enterprise) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 28: Global: Voice and Speech Recognition (Consumer) Market: Sales Value (in Million US$), 2015 & 2020
Figure 29: Global: Voice and Speech Recognition (Consumer) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 30: Global: Voice and Speech Recognition (Banking, Financial Services, and Insurance) Market: Sales Value (in Million US$), 2015 & 2020
Figure 31: Global: Voice and Speech Recognition (Banking, Financial Services, and Insurance) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 32: Global: Voice and Speech Recognition (Government) Market: Sales Value (in Million US$), 2015 & 2020
Figure 33: Global: Voice and Speech Recognition (Government) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 34: Global: Voice and Speech Recognition (Retail) Market: Sales Value (in Million US$), 2015 & 2020
Figure 35: Global: Voice and Speech Recognition (Retail) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 36: Global: Voice and Speech Recognition (Healthcare) Market: Sales Value (in Million US$), 2015 & 2020
Figure 37: Global: Voice and Speech Recognition (Healthcare) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 38: Global: Voice and Speech Recognition (Other End-Users) Market: Sales Value (in Million US$), 2015 & 2020
Figure 39: Global: Voice and Speech Recognition (Other End-Users) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 40: North America: Voice and Speech Recognition Market: Sales Value (in Million US$), 2015 & 2020
Figure 41: North America: Voice and Speech Recognition Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 42: Europe: Voice and Speech Recognition Market: Sales Value (in Million US$), 2015 & 2020
Figure 43: Europe: Voice and Speech Recognition Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 44: Asia Pacific: Voice and Speech Recognition Market: Sales Value (in Million US$), 2015 & 2020
Figure 45: Asia Pacific: Voice and Speech Recognition Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 46: Middle East and Africa: Voice and Speech Recognition Market: Sales Value (in Million US$), 2015 & 2020
Figure 47: Middle East and Africa: Voice and Speech Recognition Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 48: Latin America: Voice and Speech Recognition Market: Sales Value (in Million US$), 2015 & 2020
Figure 49: Latin America: Voice and Speech Recognition Market Forecast: Sales Value (in Million US$), 2021-2026


List of Tables

Table 1: Global: Voice and Speech Recognition Market: Key Industry Highlights, 2020 and 2026
Table 2: Global: Voice and Speech Recognition Market Forecast: Breakup by Technology (in Million US$), 2021-2026
Table 3: Global: Voice and Speech Recognition Market Forecast: Breakup by Deployment Mode (in Million US$), 2021-2026
Table 4: Global: Voice and Speech Recognition Market Forecast: Breakup by Delivery Methods (in Million US$), 2021-2026
Table 5: Global: Voice and Speech Recognition Market Forecast: Breakup by End-Use (in Million US$), 2021-2026
Table 6: Global: Voice and Speech Recognition Market Forecast: Breakup by Region (in Million US$), 2021-2026
Table 7: Global: Voice and Speech Recognition Market Structure
Table 8: Global: Voice and Speech Recognition Market: Key Players

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